House sells for $160K at auction

Thursday

May 8, 2014 at 3:56 PMMay 8, 2014 at 3:56 PM

By Danielle AmedenDaily News Staff

FRAMINGHAM -†The town sold a Wilde Avenue home for $160,000 at public auction Wednesday after foreclosing on it because of unpaid property taxes.Bidding started at $50,000 for the two-family home at 11 Wilde Ave., and was fast and competitive, Auctioneer Paul Zekos said.Winning bidder Elias Fernandes, of Framingham, participating in his first auction, said he was happy to come out on top.On top of the $160,000 final bid, Fernandes must also pay a $5,000 special assessment and 8 percent buyerís premium for a total price of $177,800.The successful sale was a windfall for Framingham, Zekos said, allowing the town to recoup the nearly $60,000 the former owner owed in back taxes, interest and other fees, he said."Overall it was a fast-paced auction with a great result," Zekos said.He said Town Treasurer Steven Price called it a "fantastic outcome."Fernandes, who owns the Padaria Brasil Bakery, said he plans to fix up the home as an investment property and rent out the two units.Located right off Waverly Street, the house sits on just under a tenth of an acre and has five bedrooms and two bathrooms.The town currently values it at $199,900."Itís in great shape outside," Fernandes said. "I donít know whatís inside."The town didnít offer bidders a look inside because of water damage, Zekos said."People were acquiring it with the understanding that it needed work," he said.Danielle Ameden can be reached at 508-626-4416 or dameden@wickedlocal.com. Follow her on Twitter @damedenMW.